President Donald Trump on Friday suggested that Nippon Steel would no longer buy U.S. Steel as planned, and would instead invest in the company.
The U.S. president mistakenly referred to Nippon Steel as "Nissan," the Japanese automaker.
WATCH LIVE: Trump holds news conference with Japanese Prime Minister Ishiba at the White House
But it's Nippon Steel's bid that both Trump and President Joe Biden vowed to block.
Nippon Steel "is going to be doing something very exciting about US Steel," Trump said with Japanese Prime Minister Shigeru Ishiba by his side. "They'll be looking at an investment rather than a purchase."
The details remain unclear. Trump said he would meet with the head of Nippon Steel next week "to mediate and arbitrate."